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PSD2 is the revised Payment Service Directive, which was mandated in 2016. It stems from PSD1, which was mandated in 2009. PSD2  requires Europe's banks to give regulated third-party providers (TPPs) access to customers' account information and payment initiation with the customers' permission and consent.

Some benefits of PSD2 include:

• The customers can manage their finances using third-party applications, e.g., pay your bills using social media accounts. 
• More consumer choices and better online and mobile payment methods.
• More opportunities for the financial technology companies to introduce new and innovative banking services.
• Enhanced payment security.
• Ability to standardize the payment systems and impose limits on transaction fees to ensure lower costs for the consumers.

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